Union Business Cycle Fund vs Union Large & Midcap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Union Business Cycle Fund is a Thematic fund and Union Large & Midcap Fund is a Large & Mid Cap fund. In the year to 30-10-2026, Union Business Cycle Fund (Direct) returned −2.9% and Union Large & Midcap Fund (Direct) returned −0.7%. Union Business Cycle Fund charges 1.81% a year and Union Large & Midcap Fund 1.32% (Direct plans). Their portfolios overlap 42.0%: they hold 33 of the same securities.
Union Business Cycle Fund
Thematic
- 1 year return
- −2.9%
- Expense ratio
- 1.81%
- NAV
- ₹11.48
Union Large & Midcap Fund
Large & Mid Cap
- 1 year return
- −0.7%
- Expense ratio
- 1.32%
- NAV
- ₹28.14
Which is better, Union Business Cycle or Union Large & Midcap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Union Large & Midcap returned more over 1 year: −0.7% against −2.9%.
- Union Large & Midcap costs less: 1.32% a year against 1.81% (Direct plans).
- Union Large & Midcap fell less in its worst fall since 12-03-2024: −18.7% against −19.9%.
- Union Large & Midcap is the larger fund: ₹969 Cr against ₹485 Cr.
- Their portfolios overlap 42.0%: 33 of the same holdings.
Past returns do not promise future returns. This page is information, not investment advice.
Key facts
From each fund's scheme summary document and AMFI
| Fact | Union Business Cycle Fund | Union Large & Midcap Fund |
|---|---|---|
| Fund house | Union Mutual Fund | Union Mutual Fund |
| Category | Thematic | Large & Mid Cap |
| AUM | ₹485 Cr (30-09-2026) | ₹969 Cr (30-09-2026) |
| NAV | ₹11.48 (Direct) | ₹28.14 (Direct) |
| Expense ratio (Direct) | 1.81% | 1.32% |
| Expense ratio (Regular) | 3.06% | 2.53% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | Nifty LargeMidcap 250 TRI |
| Launch date | 05-03-2024 | 06-12-2019 |
| Minimum investment | ₹1,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Harshad Patwardhan, Pratik Dharmshi | Vinod Malviya, Pratik Dharmshi |
| Exit load | Exit load of 1%, if redeemed within 1 year. | Exit load of 1%, if redeemed within 15 days. |
Union Business Cycle vs Union Large & Midcap: Returns Comparison
Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.
| Fund | 1M | 3M | 6M | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|---|---|
| Union Business Cycle Fund (Direct) | −2.05% | −4.25% | −0.09% | −2.88% | -- | -- | -- |
| Union Large & Midcap Fund (Direct) | −1.54% | −2.90% | +2.96% | −0.74% | +12.37% | +10.31% | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | -- | -- | -- |
| Large & Mid Cap average | −1.78% | −5.20% | −0.43% | −3.99% | +13.28% | +11.36% | -- |
Category average: the average of the 235 Thematic funds and the 36 Large & Mid Cap funds, same plan type.
Union Business Cycle vs Union Large & Midcap: Year-wise Returns
| Year | Business CycleUnion Business Cycle | Large & MidcapUnion Large & Midcap |
|---|---|---|
| 2026to date | −1.54% | −0.07% |
| 2025 | +2.82% | +3.57% |
| 2024 | -- | +22.26% |
| 2023 | -- | +28.33% |
| 2022 | -- | −1.87% |
| 2021 | -- | +40.05% |
Union Business Cycle vs Union Large & Midcap: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of Union Business Cycle Fund
Rolling returns
Every 1-year holding period, 402 of them, one for each trading day from 12-03-2025 to 30-10-2026: the yearly return (CAGR) of each, plotted on the day it ended. One lucky or unlucky start day cannot flatter or hide a fund.
Union Business Cycle Fund (Direct)
Union Large & Midcap Fund (Direct)
Nifty 500 TRI
to
Apr 2025Aug 2024
to
Aug 2025Nov 2024
to
Nov 2025Feb 2025
to
Feb 2026Jun 2025
to
Jun 2026Sept 2025
to
Sept 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest | Beat benchmark |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Union Business Cycle | 25.1 | 33.8 | 30.8 | 6.7 | 3.5 | 0.0 | 0.0 | 3.8% | 3.7% | −6.7% | 18.7% | 44% |
| Union Large & Midcap | 7.7 | 39.3 | 37.8 | 10.7 | 4.5 | 0.0 | 0.0 | 5.7% | 5.3% | −3.9% | 19.7% | 77% |
| Nifty 500 TRI | 26.6 | 32.1 | 33.1 | 6.7 | 1.5 | 0.0 | 0.0 | 3.6% | 3.4% | −9.0% | 15.9% | -- |
The table shows the % of periods in each return band; a darker cell holds more of them. Lumpsum: the yearly rate (CAGR) from a period's first NAV to its last. SIP: the XIRR of the monthly instalments. The benchmark is Nifty 500 TRI, over the same periods. "Beat benchmark" counts the periods in which the fund did better. Every fund is measured over the days all of them have, from 12-03-2024. Past returns do not promise future returns.
Union Business Cycle vs Union Large & Midcap: SIP and Lumpsum Returns
What the same monthly or one-time investment would be worth in each fund today, from their own NAV history
Growth of an investment
₹10,000 on the first trading day of every month, from 12-03-2024 to 30-10-2026: 32 instalments, ₹3,20,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Union Business CycleUnion Business Cycle Fund (Direct) | ₹3,20,000 | ₹3,27,148 | ₹7,148 | 1.6% |
| Union Large & MidcapUnion Large & Midcap Fund (Direct) | ₹3,20,000 | ₹3,38,126 | ₹18,126 | 4.1% |
Union Business CycleUnion Business Cycle Fund (Direct)
Union Large & MidcapUnion Large & Midcap Fund (Direct)
Amount invested
From each plan's published NAV (Growth option), over the same days. Return a year: XIRR for a SIP, CAGR for a lumpsum, shown for a year or more. It does not include exit load, stamp duty or tax. Past returns do not promise future returns.
Union Business Cycle vs Union Large & Midcap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Union Business Cycle Fund (Direct) | Union Large & Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −2.88% | −0.74% |
| Standard deviation | 15.72% | 15.51% |
| Sharpe ratio | -0.52 | -0.39 |
| Sortino ratio | -0.68 | -0.52 |
| Maximum drawdown | −13.3% (30-03-2026) | −12.6% (30-03-2026) |
| Beta | 1.04 | 1.01 |
| Alpha | +5.02% | +5.90% |
From daily NAVs, 30-10-2025 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | Union Business Cycle Fund (Direct) | Union Large & Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.46% | +16.18% |
| Standard deviation | 15.27% | 17.07% |
| Sharpe ratio | -0.03 | 0.65 |
| Sortino ratio | -0.04 | 0.85 |
| Maximum drawdown | −19.9% (28-02-2025) | −35.6% (23-03-2020) |
| Beta | 1.00 | 0.96 |
| Alpha | +1.27% | +0.71% |
From daily NAVs, 12-03-2024 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
Drawdowns
How far below its previous high each one was on every day: the falls an investor had to sit through. 0% means it was at a new high.
Union Business Cycle Fund (Direct)
Union Large & Midcap Fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Union Business Cycle Fund (Direct) | −19.9% | 23-09-2024 | 28-02-2025 | 02-07-2026 | 16 months | −7.2% |
| Union Large & Midcap Fund (Direct) | −18.7% | 23-09-2024 | 28-02-2025 | 29-10-2025 | 8 months | −6.6% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
From daily values since 12-03-2024, the first day every fund has.
Rolling standard deviation
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 1-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Union Business Cycle Fund (Direct)
Union Large & Midcap Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Union Business Cycle Fund (Direct) | 101% | 97% | 5.02% |
| Union Large & Midcap Fund (Direct) | 110% | 92% | 5.06% |
From month-end values since 12-03-2024. Up capture: a fund's average month when the benchmark rose, as % of the benchmark's; above 100% it gained more. Down capture: the same for months the benchmark fell; below 100% it fell less. Tracking error: how far the monthly returns strayed from the benchmark's, a year; an index fund aims near 0.
Union Business Cycle vs Union Large & Midcap: Portfolio Overlap
From each fund's latest monthly portfolio: Union Business Cycle Fund, September 2026; Union Large & Midcap Fund, September 2026
Holdings in common
- Overlap
- 42.0%
- Held by both
- 33
- Only in Union Business Cycle
- 30
- Only in Union Large & Midcap
- 48
| Security | % of Union Business Cycle | % of Union Large & Midcap |
|---|---|---|
| ICICI Bank Ltd. | 6.34% | 4.84% |
| HDFC Bank Ltd. | 2.94% | 2.86% |
| One 97 Communications Ltd. | 2.58% | 2.49% |
| Axis Bank Ltd. | 3.38% | 2.20% |
| Shriram Finance Ltd. | 2.30% | 2.00% |
| Solar Industries India Ltd. | 2.16% | 1.84% |
| Bharat Heavy Electricals Ltd. | 2.29% | 1.52% |
| Sai Life Sciences Ltd. | 2.46% | 1.51% |
| Reliance Industries Ltd. | 1.96% | 1.50% |
| Sona Blw Precision Forgings Ltd. | 2.53% | 1.46% |
| Navin Fluorine International Ltd. | 2.23% | 1.46% |
| Mphasis Ltd. | 1.73% | 1.44% |
| Larsen & Toubro Ltd. | 3.62% | 1.40% |
| GE Vernova T&D India Ltd. | 1.57% | 1.21% |
| State Bank of India | 1.67% | 1.19% |
| Bharti Airtel Ltd. | 1.18% | 2.32% |
| Ujjivan Small Finance Bank Ltd. | 1.32% | 1.17% |
| ZF Commercial Vehicle Control Systems India Ltd. | 1.09% | 1.18% |
| Interglobe Aviation Ltd. | 1.02% | 1.16% |
| Cummins India Ltd. | 1.24% | 0.98% |
| Dixon Technologies (India) Ltd. | 1.82% | 0.95% |
| Aarti Industries Ltd. | 1.08% | 0.94% |
| Jindal Steel Ltd. | 0.90% | 2.01% |
| Cholamandalam Investment & Finance Co. Ltd. | 1.09% | 0.84% |
| RBL Bank Ltd. | 2.04% | 0.79% |
| Tech Mahindra Ltd. | 1.64% | 0.79% |
| Coforge Ltd. | 1.51% | 0.51% |
| HDFC Life Insurance Company Ltd. | 1.44% | 0.51% |
| Tata Motors Ltd. | 1.85% | 0.50% |
| Hindustan Copper Ltd. | 1.01% | 0.44% |
| Hindustan Zinc Ltd. | 0.74% | 0.38% |
| 91 Day Treasury Bills | 0.09% | 0.03% |
| 91 Day Treasury Bills | 0.08% | 0.03% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 42.0% means 42.0% of each fund's money sits in positions the other also holds. Matched by ISIN. Cash and hedged positions are left out.
Largest holdings only in Union Business Cycle Fund
| Security | % of fund |
|---|---|
| Arvind Ltd. | 2.18% |
| Jindal Saw Ltd. | 1.87% |
| Power Mech Projects Ltd. | 1.72% |
| Cipla Ltd. | 1.70% |
| Apollo Hospitals Enterprise Ltd. | 1.58% |
Largest holdings only in Union Large & Midcap Fund
| Security | % of fund |
|---|---|
| INDO-MIM Ltd. | 2.64% |
| Eternal Ltd. | 2.28% |
| JSW Infrastructure Ltd. | 2.07% |
| Multi Commodity Exchange of India Ltd. | 1.98% |
| CG Power and Industrial Solutions Ltd. | 1.86% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Union Business Cycle | Union Large & Midcap |
|---|---|---|
| Equity | 94.7% | 98.2% |
| Debt | 0.2% | 0.1% |
| Cash and others | 5.2% | 1.7% |
Market cap of stocks
| Market cap | Union Business Cycle | Union Large & Midcap |
|---|---|---|
| Large Cap | 44.6% | 44.0% |
| Mid Cap | 16.6% | 38.6% |
| Small Cap | 33.5% | 12.5% |
| Not on AMFI's list | 0.0% | 3.1% |
Share of the whole fund. Groups follow AMFI's latest list: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.
Largest sectors
| Sector | Union Business Cycle | Union Large & Midcap |
|---|---|---|
| Banks | 19.1% | 14.6% |
| Pharmaceuticals & Biotechnology | 7.8% | 7.9% |
| Electrical Equipment | 4.7% | 6.7% |
| Auto Components | 3.6% | 6.2% |
| Textiles & Apparels | 6.1% | 0.0% |
| Construction | 6.0% | 1.4% |
| Chemicals & Petrochemicals | 5.5% | 5.4% |
| Retailing | 0.0% | 5.2% |
| IT - Software | 4.9% | 4.8% |
The six largest sectors of each fund's stocks, % of the fund.
Union Business Cycle vs Union Large & Midcap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Union Business Cycle Fund | Union Large & Midcap Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.81% | 1.32% |
| Base expense ratio (Direct) | 1.03% | 0.88% |
| Total expense ratio (Regular) | 3.06% | 2.53% |
| Base expense ratio (Regular) | 2.09% | 1.94% |
The expense ratio comes out of the fund's assets every day, so every return on this page is already after it. Base expense ratio: the fund house's own fee. The total adds brokerage, transaction costs, and levies with GST.
More comparisons
Each fund against the others of its category
Compare Union Business Cycle with
Union Business Cycle Fund vs Union Large & Midcap Fund: Frequently Asked Questions
What is the difference between Union Business Cycle Fund and Union Large & Midcap Fund?
Union Business Cycle Fund is a Thematic fund, Union Large & Midcap Fund is a Large & Mid Cap fund, run by Union Mutual Fund. Their portfolios overlap 42.0%. Union Business Cycle Fund charges 1.81% a year and Union Large & Midcap Fund 1.32%.
Which has given higher returns, Union Business Cycle Fund or Union Large & Midcap Fund?
Over 1 year: Union Business Cycle Fund −2.88%, Union Large & Midcap Fund −0.74%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Union Business Cycle Fund or Union Large & Midcap Fund?
Union Large & Midcap Fund charges less: 1.32% a year against 1.81%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Union Business Cycle Fund and Union Large & Midcap Fund overlap?
42.0%. They hold 33 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, PAYTM. From each fund's latest monthly portfolio.
Which is riskier, Union Business Cycle Fund or Union Large & Midcap Fund?
On SEBI's riskometer, Union Business Cycle Fund is rated Very High and Union Large & Midcap Fund Very High. Over 1 years, the standard deviation of daily returns was 15.72% and 15.51% a year.
Can I invest in both Union Business Cycle Fund and Union Large & Midcap Fund?
Yes. 42.0% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Union Business Cycle Fund and Union Large & Midcap Fund?
Union Business Cycle Fund: Harshad Patwardhan, Pratik Dharmshi. Union Large & Midcap Fund: Vinod Malviya, Pratik Dharmshi.
Sources: NAV and expense ratio from AMFI. Holdings from each fund house's monthly portfolio statement. Fund facts from each scheme summary document.
This page is information, not investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not promise future returns. Figures come from AMFI, NSE, BSE and each fund house's own documents.